Attract affluent shoppers to your brand by offering innovative virtual experiences
We’ve recently looked at the rise of virtual tourism and the advent of immersive new online shopping tools. While such virtual experiences have shown broad appeal among consumers in all demographics, we found that one segment has embraced them particularly strongly: luxury shoppers.
Our latest research found that 61% of luxury shoppers have participated in at least one virtual experience, such as 3D tours and interactive videos. What’s more, luxury shoppers report high satisfaction with their virtual experiences, with 80% saying they were very or completely satisfied. And that high level of satisfaction translates to high levels of engagement.
It appears that once luxury consumers get a taste of virtual experiences, they are highly receptive to more. Those who participated report engaging in an average of six different virtual experiences.
This indicates that brands can reach luxury consumers by offering engaging and appealing virtual content, representing a clear opportunity for luxury brands. Many luxury product categories have already proven successful, with high penetration among beauty & cosmetics (33%), apparel (28%), and — surprisingly — fine fragrances (20%).
How can your brand reach luxury consumers through virtual experiences? First, it’s important to choose a format that aligns with your product or service. For example, an art gallery might offer 3D virtual tours. Cosmeticians might offer interactive videos to introduce new products. But developing engaging content is equally as important as choosing the right format.
Luxury consumers express the most interest in experiences that are interactive, easy to participate in and teach them something new. They also value a diversity of experiences, preferring a mix of individual activities, such as VR programs, and interactive experiences like two-way videos. Other appealing features include the ability to make purchases directly through the virtual interface and receiving special offers for participating.
As technology continues to evolve, the future for brand growth through virtual experiences appears bright. And the market seems primed for expansion. In fact, 30% of luxury consumers who haven’t participated in virtual experiences say they simply haven’t been invited yet. If you’ve been considering developing a virtual experience for your brand, now might be the right time to get started.
To learn how our unique insights into the luxury market can help you develop more engaging, effective virtual experiences, schedule a consultation with our Luxury Market Research Expert today.